3 Table of Contents Executive Summary... 4 Press Coverage in Italian... 6 Positioning the Wharton School within the Italian market Pre - GAF Press Coverage... 6 Positioning The Wharton School within the Italian market - Press Coverage during the GAF List of TV and Radio programs Italian Articles Translated into English Positioning the Wharton School within the Italian market Pre - GAF Press Coverage Positioning The Wharton School within the Italian market - Press Coverage during the GAF Internal Coverage Social Media Coverage

4 1. Executive Summary 4

5 The Wharton School, Communications Office University of Pennsylvania 319 Steinberg Hall - Dietrich Hall 3620 Locust Walk Philadelphia, PA Executive Summary This year, the Global Alumni Forum (GAF) was held for the first time in Italy s financial center, Milan. The speeches of two high ranking Italian finance officials, the Minister of Economic Development, Corrado Passera, and Bank of Italy s Governor, Ignazio Visco, coupled with the presentation of Wharton s Professor of Finance Franklin Allen s keynote resulted in the focus of our communications efforts highlighting the compelling timely topic of the Eurozone crisis, especially with the impending decision of Greece to decide on its loan options. As a result of this strategy, top media in Italy attended the event and covered these topics specifically mentioning Wharton s event as the locale for these interviews and conversations. Our office achieved exposure for the GAF through pre event media interviews and on site media work that enabled reporters to take advantage of the GAF s speaker list and faculty presence for on the spot coverage and encourage further interest. These interviews included spotlights with Dean Thomas Robertson, GAF Milan organizing committee members Federico Tejilla and Roberto Barzi, Carlyle Europe Managing Director and Wharton alumni Marco De Benedetti. Media interviews and placement In conjunction with Brunswick PR, our office managed over 20 interviews with various Wharton faculty, Wharton senior administration, GAF invitees and Wharton alumni speakers at the event. Interviews occurred with Milanese publications (Corriere della Sera, Milano Finanza) with Italian national print publications and broadcast outlets (Il Sole 24 Ore, RAI TG1 Economia, Radio 24 Focus Economia) and those with international reach (CNBC, SkyTG24.) It is with intention that the communications effort was focused on high-level finance/business based publications with quality interviews. Media placement for two types of stories (i.e. timely speaker reacted interviews as well as Wharton School focused alumni stories) was successful. To date, we have had approximately 15 GAF-related media placements. editor Rachel Kipp attended the Forum and in addition to posting content to the Twitter feed, wrote a piece for today which was posted on May 17 (Creating a Sustainable European Economy.) A pre GAF piece with GAF keynote speaker Wharton Professor Franklin Allen appeared on May 11 (Will Francois Hollande Point Europe in a New Direction?). 5

43 Weekly Date Page 11 Sheet 1 / 2 Volti the first business school: more attentive to ethics and corporate governance after the crisis Wharton: Italian Transitional Government Ministers Have American Roots In Milan a conference of the college where Visco and Passera studied By Maria Teresa Cometto Two key personalities on the current Italian political and economic scene share the same economics background: the Governor of the Bank of Italy Ignazio Visco and the Minister of Economic Development Corrado Passera - both studied at the Wharton School of the University of Pennsylvania in Philadelphia, an American Ivy League university. The meeting Visco obtained his PhD in Economics in 1981; Passera took an MBA in We are proud of them and the role they are playing said Thomas Robertson the Dean of Wharton to the CorrierEconomia on the eve of the Global Forum of the alumni of the prestigious business school, which is always at the top of worldwide classifications. The Forum is taking place in Italy this year for the first time, on 17 and 18 May at the Milan Stock Exchange. It is a good sign to have such highly qualified people in the government of a country often they are not attracted by public appointments for various reasons, starting with the loss of privacy, observed Robertson, 69 who has headed Wharton for five years after having taught there from 1971 to 1994, at the London Business School from 1994 to 1998 and at Emory University in Atlanta from 1998 to Intersections Wharton has a department of economic and public policy which forms an important interface between the private and public sectors and also gives courses at executive level for chiefs of staff of Congressmen and Senators in the United States; but we do not have a specific political faculty like the Kennedy at Harvard, because we focus on business and finance, with a neutral political approach states Robertson. In the forum the European crisis and paths towards economic growth will be discussed. The last recession launched interesting experiments into how to get out of it: the American government has responded with more economic stimulus, the British with more austerity Robertson observes. I believe it will be difficult to overcome the crisis if the economy does not grow and that is why we need to encourage firms, in particular small ones, to take on workers, perhaps with tax incentives; and in general to stimulate corporate creation and facilitate companies access to capital. A solution based solely on austerity cannot work, because people reject it, as the recent French elections have shown. Different approaches The world after the Lehman crash has imposed a reflection on how finance and business are taught at university. As soon as the financial crisis started in 2008, all our lecturers brought the issue into their classes to discuss the significance the Dean of Wharton recalls. In particular 15 professors quickly organised a special course where the latest crisis was analysed, comparing it with previous ones. We then updated the whole of our curriculum: the review was already in progress but the crisis has stimulated closer attention being paid to business ethics, corporate governance and the social impact of business. Another theme of the Milan forum was emerging markets: Wharton has some direct knowledge of this, with its students and lecturers who have spent periods in China and India, amongst the various countries where the American institute has links with local universities, without however offering degrees abroad. International aspects To graduate or obtain an MBA from Wharton is an experience rooted in the international environment of our campus, where we place great emphasis on the mix of backgrounds represented and where a large proportion of students are not American explains Robertson, who then comments on China and India. They have both enormous human capital. China has a very controlled economy and governmental changes are taking place there: up to now its model has produced better results such as growth rate, but we need to see if it can go on like that. In India there is a certain level of chaos, because the system is democratic, but thanks to this liberty there are also more individual initiatives. In any case we have no option but to be strong partners of China, India and emerging countries such as Brazil. ALL RIGHTS RESERVED 43

44 Weekly Date Page 11 Sheet 2 / 2 Alumni Masters Corrado Passera, Minister of Economic Development: obtained a masters in business administration at Wharton in 1980 Doctorate Ignazio Visco, Governor of the Bank of Italy: studied at Wharton where he obtained a doctorate in Economics (PhD) in 1981 The History The businessman Joseph Wharton (see photo) had the idea in 1881 of creating the first business school in an American university: at the University of Pennsylvania, one of the eight Ivy League institutions. Wharton ( ) was a member of a family of rich Quaker businessmen who were the founders of their city, Philadelphia. But he made a fortune on his own, starting two of the biggest companies of the industrial age of the USA: the American Nickel Company and Bethlehem Steel. Without any sons to pass the management of his empire he gave most of his wealth to found the Wharton School with the objective of preparing young Americans to become the new leaders in the world of business. One of the symbols of the Wharton School is the anvil, recalling the pioneering work of its founder in the metallurgy industry. For the last five years the Dean of Wharton has been Thomas Robertson. The numbers Number 1 In the Financial Times classification of the best MBA programmes in the world 1.8 million Subscribers to the magazine 5,000 58,244 dollars Students in the MBA school, the executive programmes and research The fee for an MBA year ( ); 89,200 dollars total cost, doctorates including board and lodging, books and other expenses 88,000 36% alumni in 148 countries, 175 in Italy including the Governor of the MBA students from countries other than the USA Bank of Italy Ignazio Visco, the Minister of Economic Development Corrado Passera and the manager of Carlyle, Marco De Benedetti "Austerity on its own is not enough. Growth is needed to overcome the crisis. We need to encourage companies to take on staff with tax incentives and to facilitate access to capital" Personalities Thomas Robertson, the Dean of Wharton, Philadelphia. On 17 and 18 May the forum of alumni from all over the world will take place at the Milan stock exchange. 44

45 Weekly Date Page 64/66 Sheet 1 / 3 [MANAGEMENT] Wharton me too! SUPER MASTER It is the oldest business school in the world and has been at the top for 10 years. Those who have attended join an international club, which is now meeting in Milan. Chairing the meeting will be former student Corrado Passera. Here are some of the other Italians who have made their careers after following Philadelphia courses. by Gabriella Piroli Roberto Barzi Private equity investment manager - worked in 3i Group in London and Milan. Before that, M&A Greenhill & Co in New York and Salomon Smith Barney in London. Federico Tecilla Managing Director of Tucano Urbano, formerly in private equity and in Boston Consulting; he is President of the Wharton Club of Italy. The aim? To give a liberal education in all fields of finance and economy. Simple words, with a clearly nineteenth century flavour. The illustrious Joseph Wharton did not know then in 1881 that he was founding the first business school in the world. In terms of timing but also, and especially, in terms of status and authority. 131 years have gone by and in that time over 86 thousand students a network like the magic flute, which resembles a kind of Mozartian masonic lodge. Wharton is an integral part of the University of Pennsylvania and is therefore an Ivy League university (a qualification which links the eight most elite universities in the United States). These are some of the details of an institution which for seven out of the last ten years has been judged the best in the world, also according to the classification drawn up by the Financial Times. The news, for Italy, is that on 17 May next the Global Forum of the school (which is organised every year) will be in Milan. The Chairman will be the Minister Corrado Passera, perhaps the current most celebrated Wharton alumnus. An organising committee has been formed to facilitate the event: headed by Marco De Benedetti (Carlyle), other members are Alessandro Barzaghi (Cocuzza legal chambers), Roberto Barzi (Buyouts), and Federico Tecilla (Tucano Urbano) and Paola Visco (UBS). Five leaders The Financial Times 2012 listing of the best [business] universities in the world Stanford Graduate School of Business Harvard Business School University of Pennsylvania: Wharton London Business School Columbia Business School MILAN GLOBAL The 2012 Global Forum will take place in Milan on 17 May. It s a way for the alumni to meet each other explains Marco De Benedetti, Chairman of the promoting committee, but also to discuss the most important issues. People such as Corrado Passera, Governor Ignazio Visco, and the business leader Diego Della Valle will take part. The courses and programmes of the Wharton School can be found on the website www. wharton.upenn.edu. The two-year Masters course costs 93 thousand dollars (62 thousand for the fee). 45

46 Date Page 64/66 Sheet 2 / 3 Corrado Passera The Minister of Economic Development in the Monti government was a student at the Wharton School in 1980, at 26 years of age, after a first degree at the Bocconi. His career path took him to CIR, Mondadori, Omnitel, Poste Italiane and the Banca Intesa, but he started in McKinsey, always ready to welcome Philadelphia students. But what exactly is this business school, and how does it work? I was there from 2003 to 2004, when I was about 28 recalls Roberto Barzi (he is now 35). I had a degree from the Bocconi and then three years in the London stock exchange. Why there and not, for example, Harvard? Because of the programme, which is based on real corporate examples but does not neglect a strong theoretical base. It is a teaching methodology which is richly rewarding. In my personal case the issue was that after three years of single product finance I was not sure about continuing with this intense specialisation, I was more interested in understanding marketing, strategy... Wharton allowed me to relate to people, experiences and backgrounds from all over the world. There are 40 nationalities in an average class: that s formative in itself. These two years gave me what is, according to them, a magic word knowledge but at the same time also an international network. Still now I feel free to lift the telephone and speak with one of my former fellow-students. And if I want to become a businessman, I think I could make it. The mix of things learned there is still lending me strength. Wharton offers many types of course (these are on the website upenn.edu/), the most favoured is the classic 2- year MBA. The selection process is hard, around 6% of those applying get in and they have been subject to the famous G Mat test and then essays, short accounts of their motivations and vision. Where they can also ask you to Describe your greatest success. 46

47 Date Page 64/66 Sheet 3 / 3 [MANAGEMENT] I studied at the Milan Polytechnic explains Federico Tecilla, after a period in Boston Consulting I started the Masters with clear objectives: a rigorous technical preparation and a variety of experiences which would then allow me to change career and to acquire skills I did not have. There is no doubt about it: at the Wharton you learn a great deal from your fellow-students, on the other hand you must be good because the competition between clever people is intense. But it is not only an academic commitment. You sleep little, study a lot and also have fun. You learn to push yourself further because, even if it does not seem to be the case, the Italians are a bit intimidated in international contexts. You come out stronger. People who go to Wharton School usually live in Philadelphia (Philly it s called) and go to the campus on foot, by bicycle or by public transport. During the first 4 days of the week the lessons take place, six to eight hours per day; on Friday there is group work and it is important to emphasise that the teams are formed at the start (but are then changeable). The first semester is when you study most says Michele Russo, Chairman and CEO of Opera SGR. In the second there is a rush to find a good summer job, i.e. a summer internship in a company. I had an electronic engineering degree behind me and a post-doctorate at IBM in New York, I knew nothing of finance. But I had an offer from McKinsey: without Wharton would they ever have even considered a Neapolitan electronics engineer? At the end of the course I was amongst the chosen, I was contacted by Morgan Stanley and Goldman Sachs. The greatest I was over the moon. When someone in the fourth quarter has not yet been called by a firm, well, you can see him panicking. No one wants to go back to what they were doing before, after all that commitment and money. The cost is in fact very high; between the university fees and board and lodging you need about 90,000 dollars a year, i.e. 180,000 for the two-year period. But it s training which will serve you well professionally conclude Federico Tecilla and Roberto Barzi. The banking system and the big foundations offer easy-terms loans which you can repay over five years, also because there is every possibility that you will get a well-paid job. Anyone who gets in on his merits will be well-rewarded by the Wharton School. Michele Russo An electronics engineer, he was a student from after a post-doctorate at IBM in Upstate New York ( two hours from Manhattan ). After the Masters at Wharton he was recruited by the legendary Bob Greenhill s Morgan Stanley and began his professional career in finance. Now he is Chairman and CEO of Opera SGR, a leading Italian investment fund. Alessandro Barzaghi A lawyer specialising in corporate law, he founded Alma (lawyers with legal Masters ). Giulio Antonello MBA at Wharton in 1990, he worked in Société Suisse de Ciment and Crédit Agricole USA. Now he is CEO of Alerion Clean Power. Marco De Benedetti The Co-Head of Carlyle Europe (formerly managing director of TIM) he was at Wharton in 1988 and currently chairs the Wharton Global Forum. Paola Visco Student from , she is now in UBS dealing with private clients. Before: Boston Consulting Group and Citigroup. Fabio Camerano Took a degree in political sciences at the Sapienza in Rome and then decided to be an economist. He was at Wharton from 1988 to 1990 and this experience made him understand that I wanted rather to become a manager. There was an extraordinary mix of intelligence: this where the classic Wall Street shark comes from as well as the ecologist who wants to save the tiger. After his Masters he spent two years in the Monitor Company and seven in Q8. In 2000 he was with Poste Italiane. I was contacted by Passera and then spent 10 years with Sarmi. With a passion for innovation. 47

48 Positioning the Wharton School within the Italian market - Press Coverage during the GAF 48

49 Made in Italy The Wharton Forum Della Valle: Italy? A place to invest in MILAN Corrado Passera starts by trying to convince us that in spite of everything Italy is a reliable country. The powerful club of Wharton alumni, the oldest business school in the world, has chosen us this year as the European base for its Global Forum for this reason: because apart from the Greek bomb, the turning point for the euro-nightmare is largely here with us. And the Minister of Industry (also an alumnus of the University of Pennsylvania) is playing a part. He explains that, if he had accepted the jump from banker to minister in the strange government appointed at the height of the emergency, the reason was precisely that. He knew the strength of the real country from the inside, and its companies and employees. He knew that these were (are) the bases for a recovery. Work has just begun; he describes how the move from cuts to growth is not yet perceptible, the real country seems to be exhausted. For this government the hardest tests are now coming. It is true that it does not all depend on us. Europe is blameworthy, having let Athens slip, and now Passera says, it must finally take a grip on the situation: it is manageable however. The rating agencies must also share the blame, they did not see the crisis coming and afterwards today in order to remedy their pre-2008 errors they are exaggerating even small difficulties which results in sometimes increasing them. Former students In Milan: the annual meeting of the alumni of the US University Daily Date Page 33 Sheet 1 We can t escape judgement, quite rightly, no poi nt in arguing with those assigning the ratings. But the invitation to assess ourselves close-up, and perhaps discover that we are not so fragile everywhere and always, does not only come from Passera. Diego Della Valle, special guest of the Wharton Forum, put this point emphatically prior to the meal with Bank of Italy Governor Ignazio Visco. In parallel with an appeal to the government and to Italian businessmen. Certainly, the chairman of Tod s repeats, we are living through an unhappy moment. We are not the onl y ones and so it is all the more worrying when we go abroad and hear it said: I ove l Italy, but to invest there... But we have worldwide leadership in some sectors. He is not speaking of his group or the other great national luxury brands: Made in Italy does not only refer to us, it cannot be identified only as products like ours, which are expensive. Made in Italy goes from olive oil to sophisticated machinery, and in the tens of thousands of firms which are the backbone of the system. The great companies of the world go ahead by themselves. But behind them lie all the others. And it is they, the ones with quick reactions but even so are suffering now, who will get us through the crisis and not throw away a unique patrimony, they who have to be sustained, mentored and supported. By whom? By those who govern primarily, that s clear: We are led by good people. If we get going and convince those abroad that coming here is not dangerous, that the unions are sometimes mistaken but don t represent the devil, that we can eliminate the bureaucracy, this could be the moment to invest in Italy: good acquisitions, and at a discount. An investment boom, even if seemingly improbable, does not exempt our healthier companies from playing their part: Now more than ever the firm must understand that a small part of the responsibility rests upon its shoulders. Only a bit, ok, but it can t say it s nothing to do with it. Not if we want to give the country a sense of solidarity which removes this aggressive mask and gives the signal. We can do it, but we have to be all together. Raffaella Polato ALL RIGHTS RESERVED The Wharton Business School of the University of Pennsylvania. It s the biggest business school in the world. 49

50 Daily Date Page 2 Sheet 1 Former students of the Wharton School, in Milan. Governor Visco s lecture to the 2012 World Forum Europe has decided to enforce observance of the rules Mara Monti Antonio Quaglio MILAN The Governor of the Bank of Italy Ignazio Visco arrives at the Triennale Design Museum in Milan with his mobile stuck to his ear and a serious expression. He politely ignores the journalists and continues to work in a small room. The cosmopolitan group of alumni of the Wharton Business School of the University of Pennsylvania are meanwhile thronging to the spring World Forum gala of the prestigious college of the University of Pennsylvania. Before everyone sits down to eat it is the Italian former student, now heading the Ministry of Development, who gives the keynote speech of the two day meeting. Doors closed, absolute confidentiality: some chatting between friends; a little finance and a lot of global business. At the end - long applause and then discussions during conversations at table: during which the realism of the Italian central banker is considered very positive by the Wharton alumni. There s still a lot to be done but something has been done to keep the international financial system afloat and on the right course in order to deal with the recession. And more than one listener is struck, not negatively, to learn that the aggregated debt/gdp of the EU is less than 90%. The economic and financial health of the West hit hard during the banking crisis, by the tribulations of the finances of the less virtuous countries and by the recession is still far from recovery, but the way ahead is open. He had two keywords: recovery and rules. The European economies including that of Italy must restructure, reform and return to competitivity. The rules are important and it is even more important to observe them. The two Milan days (for which there will be a return match in the autumn in Djakarta to focus on Asia, which is riding on development) started at the stock exchange with the morning greeting from Corrado Passera. The Minister of Economic Development was also at Wharton, class of 1980, and it was he who invited the forum to Milan, together with the School Dean Thornas Robertson. In the stock exchange building there was a defilé of Wharton speakers and their friends: Domenico Siniscalco, Vice-President of Morgan Stanley, the boss of Tod's, Diego Della Valle, Marco De Benedetti, managing director of Carlyle Europe, Claudio del Vecchio, CEO of Brooks Brothers, Matteo Marzotto, Marialuisa Trussardi. We are expecting a strong and concrete signal of commitment to growth from Camp David said Passera on the eve of the G8 conference. Europe must finally take the situation in hand and understand that the Greek problem is manageable. On the issue of the exit of Athens from the euro and on the consequences that decision could have for other European countries, the Minister said to wait for the next elections because they will be determinant. Certainly everything must be done to help Greece to grow. We cannot only talk of austerity. The inevitable dig at the rating agencies too slow in understanding what was going on and then going to the opposite extreme byemphasising even the smallest difficulty. The financial crisis expert Franklin Allen, a economics professor, has his theory: The temporary exit of Greece, Portugal and Spain from the euro must not be seen as a drama but is rather a necessary option to help these countries get back on the road to growth: their economies are not able to face up to austerity measures, which would take them into the recessionary tunnel with all its twists and turns. The corporate view was expressed by Diego Della Valle: the country must not go off investors radar he said, adding that from the point of view of acquisitions - there s a bit of a discount. The businessman emphasised that we ve got to make it clear, to let it be seen that we are led by good people, otherwise within ten years we shall be in the same situation again. According to the businessman we must get on with convincing investors that coming to Italy is not risky. The only problem is the bureaucracy. ALL RIGHTS RESERVED TWO DAYS IN MILAN The spring session at the stock exchange was opened by the Minister of Development Passera, who said: do more to help Greece. The Governor. Ignazio Visco 50

51 Daily Date Page 31 Sheet 1 Private equity. Amongst the objectives: engineering, gas and energy Shanghai - the Chinese of Inventis are targeting Italian small and medium firms Mara Monti MILAN The private equity funds are looking with interest at small and medium Italian firms with good technologies at attractive prices. This is the case for the Shanghai Inventis fund, ready to put resources on the table to buy shares in Italian companies in precision engineering and automation, and even in gas and energy. In recent days we have met the representative of a company in the mechanical engineering sector and I think the terms are right to conclude the deal said Yong Kwek Ping, CEO of the fund, without wishing to reveal the name of the company. The CEO was one of the participants at the conference in Milan of the Alumni of the Wharton Business School. Up to now we have invested in Asia and Africa but now we are turning to investments in Europe, in particular Italy, but we are also looking at Switzerland and Germany. Italy is the country which offers the best opportunities at competitive prices. The private equity fund Inventis has been active for about ten years with two main business lines: the first, the most longstanding, has enjoyed an average return on investment of 33%, with investments in Chinese companies mainly in the manufacturing sector. With the Beijing government s liberalisation of financial markets as from 2005 other sectors got involved in private equity activity from insurance to consumer goods and also distribution chains. With the launch of the renminbi fund, Inventis investments extended abroad, to Indonesia and Africa where the Chinese are very active. Now with the crisis in European countries and the lack of bank loans Italian companies are also asking for help from the Chinese. The investment methods could be direct or through Chinese companies which are already operating with Italian partners. The intermediaries? International banks operating in Italy like Nomura, UBS and Credit Suisse. Up to now we do not have contacts with Italian banks because they have little penetration in our country. Along with the US dollar and the Euro, the Chinese currency is becoming the third international currency in terms of importance. From July 2010 a liberalisation process has been operating, allowing private entities to hold renminbi in cash in Hong Kong and allowing Chinese or foreign companies to issue bonds in the Chinese currency. The Chinese currency has recorded a 4% average annual revaluation against the USD over the last five years, a trend which has temporarily ceased, dropping by 0.5% after the recent revision of growth forecasts for Chinese GDP. ALL RIGHTS RESERVED THE PROJECTS The investment programmes of the fund described by CEO Yong Kwek Ping on the side-lines of the meeting of Wharton Business School alumni 51

52 Daily Date Page 7 Sheet 1 Passera is also against the rating agencies The rating agencies were slow to understand what was happening and thus they contributed to the explosion of the crisis in a certain sense - by not having forecast it ; this is what the Minister of Economic Development and Infrastructure Corrado Passera said in the margins of the Wharton Forum organised in Milan. Now, pursued the former head of Intesa Sanpaolo, in many cases they are too proactive and tend to emphasise some small difficulties, which can causes these to be aggravated. Notwithstanding the strong attack on the rating agencies, often accused of having provoked disruption on the markets by their reports, Passera wished however to emphasise how it was a mistake to blame solely those measuring the problems, even if we cannot say that they have always carried out their duty. The Minister then spoke of the upcoming G8 meeting at Camp David, saying that he was waiting for strong but practical signals in terms of responsibility and the commitment of the biggest countries to growth Finally, with regard to Greece, according to Passera Europe must now take the situation in hand and understand that it is a manageable problem. (all rights reserved) Gianluca Zapponini 52

53 Daily Date Page 4 Sheet 1 Growth The promise to the PdL [People of Freedom party] Passera: decrees coming soon on company credits We are close to finalising the decrees concerning the credits which companies are owed by the public administration. This was said by the Minister of Economic Development Corrado Passera on the side-lines of the Wharton Forum, responding to questions from the PdL. We are working on this and in a few days the decrees will be ready Passera explained which will make it possible to liquidate the larger part of the public administration s overdue credits. The Minister then noted that the decrees will start almost automatically on the agreement between trade associations and the ABI [the Italian banking association]. Passera concluded that the problem does not only concern the public administration but also relations between private entities and, for this reason, will be resolved through the adoption of the European directive which introduces a discipline which does not exist in our country. We are awaiting clear and practical decisions from the government commented the PdL Senate party leader, Maurizio Gasparri. These are urgent measures which involve the banking sector and the Cassa Depositi e Prestiti [bank largely owned by the Italian government] emphasised Gasparri. 53

54 Weekly Date Page 12 Sheet 1 Robertson (Wharton School) - this is how the euro can be saved The European Union is taking the right steps to survive, but no one can be certain about what will happen in the next few months. In this sense the result of the elections in Greece will determine later events. And in this regard the theory of a temporary exit of some countries from the Eurozone cannot be excluded. Expressing his worries but also indicating possible solutions to deal with the emergency was Thomas Robertson, Dean of the Wharton School (the oldest business school in the world and part of the University of Pennsylvania), a guest at the forum of alumni of the business school which takes place in Italy this year. Question. The European Commission and the ECB are working on an emergency plan. What could happen? Answer. If the elections on 18 June should confirm the ingovernability of Greece I believe that Athens could temporarily exit the Eurozone to come back when it has provided the conditions demanded by its partners. Currently there are some countries which are far from meeting the criteria for remaining in Euroland, as the experience of the last few months demonstrates, and far from being able to achieve the fiscal and monetary convergence which will be at the heart of any future growth. Other countries, like Germany and France, are in a much stronger position. The alternative could be a return to national currencies in some countries and maintaining the euro in the others. This option is doubtless preferable to a complete breakdown of the Eurozone. Q. But the exit of Greece is not automatic. A. Everything depends on the result of the June elections. On which party prevails and on the capacity and willingness to restart negotiations with the EU Commission. I think that it is very difficult to make precise forecasts, but a temporary exit seems the most likely result. Q. After Athens which other countries could temporarily exit the Eurozone? A. After Greece it could involve Portugal and in theory Spain and Italy. Even if that hypothesis is more unlikely for the latter two. Q. With what impact on financial markets? The British Prime Minister David Cameron has evoked the danger of a financial storm. A. The impact on financial markets will certainly be negative in the short term, but much will depend on how the emergency is dealt with and to what extent the risk of a country exiting is already discounted by investors, given that this is a scenario which will evolve gradually. Q. When one speaks of a temporary exit, how many years do you mean? A. I am referring to a period of 10 to 15 years, which may seem unending but is not so in a long term view. To carry out the necessary reforms and put countries back on the road to growth needs time. Q. When the Argentina currency crashed it was devalued by 70%. By how much would the drachma be devalued now? A. I don t think the devaluation would be so big, rather around 50%. With a currency devaluation of this size Greece could more easily implement growth measures, becoming more competitive in foreign markets. Q. But is Italy in real danger of leaving the Eurozone? A. As I have just said I believe the risk is currently about 10%. Apart from external events, much will depend on how the political situation evolves over the next year, when the Italian transitional government [ governo tecnico ] ends. But I am confident that Italy will do its best to overcome the crisis. Q. What impact would the exit of Greece from Euroland have in the United States? A. That would depend on how the contagion would be managed. Certainly the impact would be felt on Wall Street, but a temporary exit of Greece would not be so dangerous given the limited amount of interchange with the USA. (all rights reserved) Thomas Robertson Ester Corvi 54

55 Weekly Date Page 29 Sheet 1 INTERVIEW D'Aniello, one of the co-founders of Carlyle, speaks after the IPO. He explains why the share was listed on Wall Street and the strategies of the private equity fund Transparency on the stock exchange di Stefania Peveraro When we started we had no idea that we would ever have reached where we are now. We kept our heads down and worked hard. We just made things work. Daniel D Aniello is speaking, one of the co-founders of Carlyle, the huge US private equity fund, interviewed by MF-Milano Finanza in the margins of the annual forum of the Wharton Business School which was held in Milan over the last few days. His business partner David Rubenstein spoke in similar terms to the Washington Post a few days ago: Making money never meant anything for me. I was just happy to be doing things which I enjoyed. But in the end I did make money. In fact Rubenstein and D Aniello have become billionaires almost by accident, together with the other co-founder William Conway. In 1987 the three, not yet 40, dared to challenge sacred cows such as Henry Kravis and George Roberts of KKR, creating their investment vehicle called Carlyle, the name of the hotel on Madison Avenue in New York. But as they worked the stakes increased. So that now the group has around 147 billion dollars under management, distributed over 141 funds such as private equity, real estate, funds of funds and other investment vehicles. On the eve of the IPO on Wall Street at 22 dollars per share, the stakes rose to over 1 billion dollars for each of the three co-founders. With 30.5 million shares subscribed in the IPO, equal to 10% of the capital, Carlyle cashed 671 million dollars. The equity of the whole group was thereby valued at 6.7 billion (equal to 7.6 times the 2011 profit million), which signifies 1.03 billion dollars for each 15% share owned by Rubenstein, Conway and D Aniello. Question. Mr. D'Aniello, why did you decide to list Carlyle? Was that really needed? Answer. It was a question of image. We always said that we were structured like a listed company, that we were transparent and organised in an efficient manner. Now that we are listed, everything is brought into the light of day. We only put 10% of the capital on the market; for us it was important to be listed. We did it for our employees and for our investors. Q. Has private equity changed much from its beginnings until now? A. I would say so. When we began there were really very few big operators, like KKR. In comparison with them we were microscopic, but we tried. And we did well because we began to invest when things were going well and there were of course few competitors. Q. Obviously you had also good connections. Carlyle is famous for having taken on board a strong group of former high-flying politicians of the calibre of George W. Bush, James Baker III, Arthur Levitt and John Major. And not by chance you had your offices in Washington. A. Well we were the first to decide to open in Washington. The funds are usually in New York or in California. As for politicians, let s say that we grabbed the opportunity. At least for the US ones. When at a certain point the Republican administration went out of office, we benefited. There were quite a few interesting people available. But now we also have many big industrial managers on our board. Q. Let s speak of investments. Here and now in Italy. Would you invest? A. Each investment is considered individually. It is not necessarily true that if the macro-economic position of a country is negative, then there aren t any interesting companies to invest in. We had a recent example with an Italian firm we had in the portfolio: Moncler. It was an excellent investment, but it is true that this is a company which now does most of its business abroad and in particular in emerging countries like China. So that even if Italy, from this point of view, is growing only a little, that does not really matter. What counts is that there are companies capable of growing a lot because they have global reach. So yes, we would still invest in Italy. (all rights reserved) Daniel D'Aniello 55

56 Daily Date Page 32/33 Sheet 1 Scenarios Rockowitz: Asia hunting for brands In his first Italian interview the CEO of Li & Fung explains the secret of the success of the Hong Kong giant and prospects in the Chinese market. Alessandro Wagner China will continue to represent an extraordinary opportunity for those who have still got something to sell in years to come: and the advent of consumerism in China and Asia is changing the rules of the global game. But what is lacking in Asia are brands with a consistent and effective heritage. This is why the value of European brands over the next few years can only continue to rise, and why the Asians are desperate for European brands to sell in their own countries. This summarises the thoughts of Bruce Rockowitz, the Canadian CEO of Li & Fung, the Hong Kong giant controlled by the brothers Victor and William Fung and the undoubted star of the Wharton Business School annual forum which has taken place in Italy for the first time. Rockowitz gave MFF his first Italian interview in the Palazzo Mezzanotte Congress Centre in the margins of the forum which took place from 17 to 18 May. Cerruti, Sonya Rykiel, Robert Clergerie, Hardy Amies, Vena Cava... the Li & Fung group is increasingly interested in acquiring fashion sector brands. Is there a particular strategy behind these investments? Firstly it has to be said that these investments, which represent a small part of the Li & Fung empire, are owned by the personal holding of the Fung brothers and not of the group listed in Hong Kong. That said, the point is that China has become the second world market for luxury goods, but does not have its own brands and it would take too long to establish these. This is why the Asians are desperate for European brands with a consistent and effective heritage: to be able to sell the relative products to its own consumers. This is why the value of European brands can only continue to grow. How would you define Li & Fung? In a way like Facebook. Facebook is the biggest international network on the internet; Li & Fung is this in the real world. Our three main business sectors are trading (including sourcing), logistics and distribution closely linked to each other. They form a network covering 40 countries in all the continents and give work to 8 million people. Every year we sell 16 billion in products, two for every inhabitant of the planet. This is because from the start our strategy was to understand what consumers want to buy, not what we want to sell them. Will the extraordinary exploits of the Chinese markets continue? After thirty years as a producing country, it is only since 2008 that China became also a consumer country. I am convinced that this new cycle will last as long and that the Chinese market will represent an exceptional opportunity for a long time. (all rights reserved) Bruce Rockowitz in his interview in Milan AN INCOME EXPLOSION FOR THE HONG KONG GIANT Main balance sheet results in millions of US dollars Change 2011/2010 Revenues 20,030 15, % Gross margin 3,074 2, % Gross operating 15.3% 14.1% - margin/revenues Operating costs 1,513 2, % Net profit % 56

57 Daily Date Page 33 Sheet 1 The Wharton forum, fashion has to invest in the Internet High fashion was a protagonist at the 41st traditional global alumni forum, the seminar which the Wharton School of the University of Pennsylvania holds every year in a different part of the world. The business school, in one of the seven American Ivy League universities, has landed for the first time in Italy at the Milan Stock Exchange, and has attracted for the two days an audience of around 500 top managers and executives from all over the world. The panel dedicated to the fashion sector has drawn much attention and some of the protagonists were Claudio Del Vecchio (Brooks Brothers), Marco Messini (Timberland), Giuseppe Miroglio (Miroglio group), Alessandro Pozzi (Tommy Hilfiger), Carlo Capasa (Costume National), Maria Luisa Gavazzeni Trussardi (Trussardi group), Matteo Marzotto (Vionnet) e Nicolas Topiol (Christian Lacroix), who have compared their retail strategies, revealing how the online channel is increasingly decisive and requires investments to ensure growth over the years. (all rights reserved) Elisa Rossi 57

58 Daily Date Page 30 Sheet 1 Maria Luisa Trussardi - Top of the range and low cost products are working - only the middle range is at a standstill No weakness in luxury goods. Fashion and design drive products made in Italy MILAN It is not that the biggest fashion houses are not feeling the crisis. But they often manage to recover in America and especially in Asia what they are losing in Italy and Europe (not so much actually). Even here the crisis for the luxury brands made in Italy is a word only of relative meaning. Certainly we have not reached the record numbers of the golden years, when these goods contributed 20 or 21 billion euros to our import/export balance. But even now, while the recession is wreaking havoc on the finances of firms and individuals, do you know what our sector contributes to the trade balance? Twelve billion a year ago. Eleven billion now. But for Maria Luisa Gavazzeni Trussardi mother of Beatrice, Gaia, Tomaso, President of the family holding company Finos, a councillor on the Chamber of Fashion it bothers her a bit that in our country the designers, the brands, all the systems revolving round this node are given little consideration and are looked at condescendingly. Seen as ephemera she says and as such often ignored. This industry is the real thing; not only the figures but also overseas appreciation of Italian creativity demonstrates the latter s importance. But there is a paradox here: to listen to many of your colleagues and to read some company statements the more the crisis bites, the better luxury goods do. Can you confirm that? It is true, it is like that. The crisis has focussed the market in two directions: top and bottom range, luxury and low cost. Consumers want items of absolute prestige or the very opposite - the lowest price. The middle range has disappeared, or is paying a higher price for the recession, why has the middle of the range disappeared? The middle range is suffering, there s no doubt of that. But if Italian fashion is growing, notwithstanding everything, it s because the system is not to be looked at from an Italian or European viewpoint. There are the new rich in the market, or better the new rich spenders. The Russians, the Chinese. But also the Gulf Arabs: before they only spent money in London or Paris, now they are coming to Milan more and more. But this does not make up for everything. The big groups are holding on but the supply chain has the same big problems as the average Italian firms. Unfortunately, yes. At the National Chamber for Italian Fashion [camera della moda] sector data arrives every quarter and confirms that we have steadily lost some thousands of small producers and along with them a lot of jobs. For items really made in Italy, not outsourced products promoted with a simple label, the weakening of the sector risks becoming an enormous problem. And in fact we are seeking to deal with this as best we can. But for anyone offering quality products, at all levels, the orders keep coming. And the payments? These are a bit slower. Raffaella Polato ALL RIGHTS RESERVED Luisa Trussardi Our sector needs more attention Three Trussardi models in the 2012 spring/summer collection, designed by Umit Benan 58

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60 Creating a Sustainable European Economy Posted on May 17, 2012 In order to emerge from a wide-ranging economic, political and monetary crisis, the countries that make up the eurozone must shift to a policy of credible austerity and find ways to jump-start development, according to Corrado Passera, Italy s minister of economic development, infrastructure and transport. Passera, the opening speaker at the Wharton Global Alumni Forum in Milan, Italy, on Thursday, May 17, noted that the conference theme of Switching Gears has multiple layers of significance for Europe and for him personally. He left his position as managing director and CEO of the Intesa Sanpaolo banking group late last year to assume a role in the government of Prime Minister Mario Monti, an economist and academic who became Italy s leader after predecessor Silvio Berlusconi resigned. At the end of last year, our country started sliding toward financial turmoil, and we came very close to looking like a possible default, Passera said. We had to prove to the world and convince the markets that our country could get itself under control we had to prove to the world that our country was ready to make all of the changes needed. He applauded Italy s Parliament for putting its support behind a leader and an administration made up of technocrats, leaders with economic and business expertise, rather than extensive political backgrounds. That s not an easy thing to accept, and it s not an easy thing to show to your electorate, Passera noted, adding that the government, in just a few months, was able to implement a number of reforms that had been expected for years, including making changes to the Italian pension and property tax structures. People accepted it, and Parliament supported it, despite the political cost. It proved that when a real effort was needed, this country reacted positively. Passera said that the shift from insufficient to credible austerity measures was the easiest to make from an intellectual point of view. But he noted that the shift from austerity toward sustainable growth will require much more creativity and innovation from Italy s business, political and social sectors. Fostering new growth in a country that hasn t [been growing], and one that is currently in a recession is not an easy task, he pointed out. There is no [set] recipe. We must identify a package of policies and combine those concepts with social cohesion. It is no longer possible to use public money to force growth, Passera added, and economic stimulus cannot be limited to GDP or to the upper tiers of a country s population. Growth must be broadly sustainable, environmentally as well as in other ways. In addition, the importance of public buy-in is often underestimated by policy makers, Passera said, but if left unaddressed, social malaise or unrest can erode efforts at reform. If every unemployed or underemployed person in Europe was counted along with their dependents, he noted, the group would include almost 50% of society. History has shown us [examples] where social uneasiness becomes so strong that it can shake even the foundations of democracy. 60

61 Special Report: Europe Struggles to Hold Itself Together: ( Special Report: Europe Struggles to Hold Itself Together Published : May 09, 2012 in Dramatic economic and financial developments in Europe never seem to quit. In the latest news, several eurozone countries have slipped back into recession, bringing a backlash against austerity policies into full swing. Now, the election of Socialist President Francois Hollande in France may offer a path to more growth-oriented policies, but big questions remain about which ones are economically -- and politically -- viable. To help clarify the implications for business and investors, has prepared a special report on the challenges facing Europe, including a look at the critical issue of unemployment. We also consider a key figure in the eye of the storm -- Mario Monti -- Italy s prime minister, who also serves as minister of the economy and finance. The report includes insights from experts inside and This is a single/personal use copy of For multiple copies, custom reprints, e-prints, posters or plaques, please contact PARS International: P. (212) x407. outside of Wharton, some of whom will participate in the upcoming Wharton Global Alumni Forum in Milan on May 17 and 18. What Hollande's Election Means for the Eurozone: In the aftermath of the election of Socialist Francois Hollande as the new president of France, eurozone austerity policies in Europe, which many now blame for pushing much of the Continent back into recession, appear likely to be loosened. At the same time, at least some complementary growth-oriented policies may be introduced. Big questions remain, however: What will these changes look like, and how much difference will they make? (Article with podcast) Saving Southern Europe's 'Lost Generation' of Jobless Youth: In Spain and Greece, more than 50% of young people between 18 and 24 are out of work. In Italy and Portugal, the number is close to 30%. This represents a social and economic disaster that could have devastating consequences for Southern Europe, rippling outward toward the rest of the continent and the world. Experts at Wharton and elsewhere say outdated labor regulations combined with a slow economy have contributed to the problem. But even if labor laws are restructured, a solution will be hard to work out, all the more so now that many countries in Europe have slipped back into recession. Mario Monti's Long March to Get the Italian Economy on Its Feet: Mario Monti, the economist whose government replaced the Berlusconi administration in Italy last December, brings a technocrat s view to the task of reviving the country s economy. According to experts from Wharton and elsewhere, this task will be made easier by the fact that the Italian economy is in better shape than that of countries like Greece. Still, Monti faces enormous challenges, and major structural reform will be needed. This is a single/personal use copy of For multiple copies, custom reprints, e-prints, posters or plaques, please contact PARS International: P. (212) x407. All materials copyright of the Wharton School of the University of Pennsylvania. Page 1 of 1 61

62 MILAN HOSTS STIMULATING GLOBAL ALUMNI FORUM Posted May 22nd, 2012 Economy Finance Government Health Care International Business Investing Leadership Lifelong Learning Marketing Public Policy School News Sports Business Wharton People Wharton held a successful Global Alumni Forum in Italy s business capital, where discussion turned into debate over the EU s health. The Wharton Global Alumni Forum banner decorates the site of the Milan event, Palazzo Mezzanotte. In the most recent Economic Outlook from the Organization of Economic Cooperation and Development (OECD), released on May 22, Pier Carlo Padoan, OECD chief economist, declared that the crisis in the eurozone is the single biggest downside risk facing the global outlook. The international institution listed five suggestions for stimulating European growth: establishing structural economic reforms, strengthening the firewall to prevent the euro zone crisis from spreading, boosting the European single market, funding more infrastructure projects and leveraging the balance sheets of the European Central Bank. At the Wharton Global Alumni Forum Milan the week before, Wharton s Franklin Allen, Nippon Life Professor of Finance, suggested an alternative course: that some countries, such as Spain, could temporarily leave the eurozone. He also said that sovereign defaults, if handled properly, could allow shocks to be handled in the EU. Allen explained that he does not see Europe s 2011 reforms (the EU Secondary Law) as likely being effective, and that austerity policies do not appear to work either. 62

63 Prof. Franklin Allen Allen s keynote speech on the first full day of the Milan GAF launched an intellectual debate and interaction that was surely well anticipated by all of the event s attendees more than 300 of them on this first day alone. It kicked off a day replete with stimulating presentations and discourse on a variety of topics ranging from the retail and fashion industries to private equity, strategic sustainability to emerging markets. The second day featured master classes on analytics, universal health care, branding, and the business lessons of sports. Participating faculty included Eric T. Bradlow, K.P. Chao Professor, co-director of the Wharton Customer Analytics Initiative and vice-dean of Wharton Doctoral Programs; Felipe Monteiro, assistant professor of management; Arnold J. Rosoff, professor of legal studies and business ethics and health-care management; Kenneth Shropshire, David W. Hauck Professor and director of the Wharton Sports Business Initiative; and Patti Williams, Ira A. Lipman Associate Professor of Marketing. Guests also had the honor of an address by Corrado Passera, WG 80, Italy s minister of economic development, infrastructure and transport. Ignazio Visco, GR 81, governor of the Bank of Italy, gave the keynote speech that closed Thursday afternoon. The Milan event was held May 17 and 18. The Wharton School holds annual Global Alumni Forums as a service to its alumni and friends, to provide networking opportunities, strengthen bonds between the School and its alumni, promote Wharton as a center for global business, allow faculty and staff the opportunity to learn more about economies around the world, and, as the Milan event demonstrated, to provide a forum in which global thought leaders can converse. The next GAF, Wharton Global Alumni Forum Jakarta, will be held June 22 and 23 in Indonesia. Editor s note: published a special report in anticipation of the Milan GAF, including insights from some of the participants. Visit Europe Struggles to Hold Itself Together to access all of the report s content. In our Spring 2012 issue, Wharton Magazine published At the Corner of Business Economics and Public Policy, a look at the strong public-policy content at the Wharton Global Alumni Forums this year. Tags: Arnold J. Rosoff Corrado Passera Eric T Bradlow EU Secondary Law eurozone Felipe Monteiro Franklin Allen GAF Ignazio Visco Kenneth Shropshire OECD Organization of Economic Cooperation and Development Patti Williams Wharton Global Alumni Forum Milan 63

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